Tag Archives | Commodity

Total Utility and Marginal Utility | Commodity

The upcoming discussion will update you about the difference between total utility and marginal utility. Utility, in ordinary sense, means usefulness. But, in economics, it means want-satisfying power of a commodity or service — the power to satisfy a human want. Thus, a pen has utility to a teacher but not to an illiterate farmer. As Joan Robinson comment: "Utility [...]

By |2017-01-13T05:58:26+05:30January 13, 2017|Difference between|Comments Off on Total Utility and Marginal Utility | Commodity

Why does Demand Curve for a Commodity Slope Downward?

The law of demand, as stated by Alfred Marshall, establishes a qualitative and functional relationship between price of a commodity and the quantity demanded of it. It states that, ceteris paribus, a fall in the price of a commodity increases the quantity of the commodity demanded and a rise in the price causes a fall in its quantity demanded. Marshall [...]

By |2022-12-02T14:07:03+05:30January 13, 2017|Law of Demand|Comments Off on Why does Demand Curve for a Commodity Slope Downward?

Difference between Change in Demand and Change in Quantity Demanded

This article will help you to learn about the difference between change in demand and change in quantity demanded. Difference between Change in Demand and Change in Quantity Demanded When there is a change in the price of a commodity, all other things remaining the same, there is movement along the same demand curve from one position to another. If [...]

By |2023-04-05T13:56:22+05:30January 13, 2017|Difference between|Comments Off on Difference between Change in Demand and Change in Quantity Demanded
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